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if no fiscal cliff deal is reached, most everyone's taxes will go up tuesday with deep spending cuts kicking in. earlier i spoke with a democratic and republican strategist. they seemed to echo the sentiment of the voters. >> this is like, when you at the beginning of the year and you're in school at the beginning of the year, you get assigned a big project and you leave it until the last night. when i used to do that, my parents used to punish me. if kids were behaving the way these congress people are, they would be in the time out. if it was the public sector they would be fired. the only solution lies with us, the american people, and with us the voters demanding that they start working together and actually coming up with something. we cannot continue having these spec tackles every few months. it's like making sausage. >> can we talk about the optics of this? there are many saying this is a republican and democratic problem, we're here because republicans won't play ball. >> it's easy for me to say that, i do think that politically, the republicans will suffer more if this does
if no fiscal cliff deal is reached, most everyone's taxes will go up tuesday with deep spending cuts kicking in. earlier i spoke with a democratic and republican strategist. they seemed to echo the sentiment of the voters. >> this is like, when you at the beginning of the year and you're in school at the beginning of the year, you get assigned a big project and you leave it until the last night. when i used to do that, my parents used to punish me. if kids were behaving the way these...
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so too will the fiscal cliff. $600 billion worth of tax increases and spending cuts. it is supposed to be automatic. but now republicans are suggesting a delay, the president just spoke trying to add pressure to congress to avoid going over the fiscal cliff. listen. >> my preference would have been to solve all these problems in the context of a larger agreement, a bigger deal, a grand bargain, whatever you want to call it, that solves our deficit problems in a balanced and responsible way that doesn't just deal with the taxes, but deals with the spending in a balanced way, so that we can put all this behind us focusing on growing our economy. but with this congress, that was obviously a little too much to hope for at this time. >> let's turn now to chief white house correspondent jessica yellin. let's talk a little bit about the outlines of the deal, the fact that the president came out to make his case and try to push this thing over the finish line. what does the white house have to do to gain the backing it needs. >> reporter: well, what we heard from the presiden
so too will the fiscal cliff. $600 billion worth of tax increases and spending cuts. it is supposed to be automatic. but now republicans are suggesting a delay, the president just spoke trying to add pressure to congress to avoid going over the fiscal cliff. listen. >> my preference would have been to solve all these problems in the context of a larger agreement, a bigger deal, a grand bargain, whatever you want to call it, that solves our deficit problems in a balanced and responsible...
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>> no vote tonight on the fiscal cliff. what are the chances of lawmakers cobbling a compromise tomorrow? would real pain start to hit everyone in the form of tax hikes and spending cuts? what other options do lawmakers have as a last resort. steven moore joins us from washington. steven is a senior economics writer with "the wall street journal." he writes op-eds. he's involved in the opinion pages. he's also a co-founder of the organization called club for growth, which has really been at the forefront of fighting tax increases across the board. so, you know, sometimes, steven, on tv we talk about grover norquist and a lot of people really don't like him. you think grover has the right idea. you have colleague es in the senate, in the house of representatives. we have talked about this endlessly for many months and we both sort of went into the last few days thinking they'll get a deal, they'll do it. it will increase some tacks on the rich and we'll figure out a number. i think both of us put forward it would be $500,000
>> no vote tonight on the fiscal cliff. what are the chances of lawmakers cobbling a compromise tomorrow? would real pain start to hit everyone in the form of tax hikes and spending cuts? what other options do lawmakers have as a last resort. steven moore joins us from washington. steven is a senior economics writer with "the wall street journal." he writes op-eds. he's involved in the opinion pages. he's also a co-founder of the organization called club for growth, which has...
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there's a two-month delay when it comes to dramatic spending cuts put out as part of the fiscal cliff. the stock market is closed for today of course it's a holiday. we don't know how wall street will react. but we have a feeling and a sense of how you are responding. alison kosik at a diner in new york. i imagine if you talk to folks they are really frustrated with this thinking, why would you wait until the very last minute? this is something that impacts all of us. what are they telling you? >> reporter: there are lots of opinions, yeah. we're in new york city where people don't hold back their opinions. what happen's great about the diner, we're getting opinions from across the country. liz here from maine all i have to do is say the words fiscal cliff, what comes to mind? >> it's not a cliff, it's a slope. >> reporter: meaning? >> it's not a huge deal. it's not going to be like this disastrous event. it's just not. it's not going to affect me06u personally. i'm a graduate student. i get paid by state of indiana for my assistantship. it's not going to affect me. it's not going to
there's a two-month delay when it comes to dramatic spending cuts put out as part of the fiscal cliff. the stock market is closed for today of course it's a holiday. we don't know how wall street will react. but we have a feeling and a sense of how you are responding. alison kosik at a diner in new york. i imagine if you talk to folks they are really frustrated with this thinking, why would you wait until the very last minute? this is something that impacts all of us. what are they telling you?...
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we'll have more on that and the fiscal cliff negotiations in a minute. >>> first, i want to show you the rest of the world is ringing in the new year. midnight arrived in asia. they are calling it a pyre tech nick musical. they were scheduled to begin an hour before midnight. hong kong on the top ten places to ring in the new year. let's listen. ♪ ♪ ♪ ♪ >>> ring in the new year, good morning 2013. we'll continue to monitor all of these celebrations as the day rolls on. the night rolls on in some cases. midnight in the u.s. is the big fiscal cliff deadline. there are two fronts we are watching today. capitol hill and wall street. let's see if there's any movement on capitol hill. stock markets moving up because it's a little erratic. dana bash is watching that live for us. dana, last hour you were saying progress is being made. now you've been hearing rumblings on the opposite from the far left. what are you hearing now? >> very interesting. we have been hearing from both sides of the aisle that part of the big issue has been to get over objections from conservative republican
we'll have more on that and the fiscal cliff negotiations in a minute. >>> first, i want to show you the rest of the world is ringing in the new year. midnight arrived in asia. they are calling it a pyre tech nick musical. they were scheduled to begin an hour before midnight. hong kong on the top ten places to ring in the new year. let's listen. ♪ ♪ ♪ ♪ >>> ring in the new year, good morning 2013. we'll continue to monitor all of these celebrations as the day rolls on....
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in other words, we all tumble off the fiscal cliff together. for their annual football trip. that's double miles you can actually use. tragically, their buddy got sacked by blackouts. but it's our tradition! that's roughing the card holder. but with the capital one venture card you get double miles you can actually use. [ cheering ] any flight, anytime. the scoreboard doesn't lie. what's in your wallet? hut! i have me on my fantasy team. >>> while most of you were out welcoming in the new year, the senate was out working late and long after the champagne toast, they passed a deal on the fiscal cliff. now it's up to the house to pass it. the house gets back to work in about 30 minutes from now. house republicans are going to meet to decide what the next step is. vote, no e vote, change things? so while we have heard the reactions from some lawmakers on that senate deal, americans who are a bit groggy from last night, are waking up to the news and having weighing in. alison kosik has been out sampling some of that opinion. what are people saying? >> reporter: you know what's in
in other words, we all tumble off the fiscal cliff together. for their annual football trip. that's double miles you can actually use. tragically, their buddy got sacked by blackouts. but it's our tradition! that's roughing the card holder. but with the capital one venture card you get double miles you can actually use. [ cheering ] any flight, anytime. the scoreboard doesn't lie. what's in your wallet? hut! i have me on my fantasy team. >>> while most of you were out welcoming in the...
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they knew the fiscal cliff was coming. 12 years' notice we had these bush tax cuts were going to expire. these kind of discussions require air they require time they require debate and we are now having them. when john thune says he hopes that senator reid brings a bill to the floor and it is open to discussion and amendment, not today. not today. it's too late for that. make a deal and stop markets from going over the edge, stop this economy from going over the edge. they will ruin a good economy, martin this is ridiculous, irresponsible, disgusting behavior. >> you don't want to hear this kind of detailed conversation going on now? >> no. no. >> you want to get a deal done? >> forget t no more details. no more details. you had 550 dies come one details. today is not the day. today's only job is to come up with a deal that ainvestigators going over the fiscal cliff and anything other than that is absolute irresponsibility you congressional malpractice. >> any deal? in other words, say some sort of temporary fix or have to be that long-term overhaul? >> i don't think -- at this point, b
they knew the fiscal cliff was coming. 12 years' notice we had these bush tax cuts were going to expire. these kind of discussions require air they require time they require debate and we are now having them. when john thune says he hopes that senator reid brings a bill to the floor and it is open to discussion and amendment, not today. not today. it's too late for that. make a deal and stop markets from going over the edge, stop this economy from going over the edge. they will ruin a good...
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we shouldn't be in this fiscal cliff today. we shouldn't have had sequestration and automatic cuts. we shouldn't have had the debt controlling debackle. all that was manufactured by the united states congress. and so i'm sanded by where we stand. >> can i ask you this is with all respect is there a concern that perhaps you're almost bailing at a time when your moderation is needed most? >> i think it is important to have centrist voices in the united states sales in the but given the fact that i have spent 34 years in the united states congress, i thought that in looking over the next six years whether or not it would appreciably change, i didn't think so. i thought it was best to contribute my experience and insiders a voice to match the outsider's frustration and to talk about how it can change and how it used to work i don't see how it changing on the short term, given the partisanship, polarization, putting the political parties first around not the country's interest first, the outside groups that you perpetuate division, i thought i could best contribute that way. i want to ma
we shouldn't be in this fiscal cliff today. we shouldn't have had sequestration and automatic cuts. we shouldn't have had the debt controlling debackle. all that was manufactured by the united states congress. and so i'm sanded by where we stand. >> can i ask you this is with all respect is there a concern that perhaps you're almost bailing at a time when your moderation is needed most? >> i think it is important to have centrist voices in the united states sales in the but given...
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now it is up to the house to stop the fiscal cliff. that's $600 billion of automatic tax hikes and spending cuts. at this hour, though, a vote by the house is not yet scheduled. a multiple representative took to the store today floor today vote would be no. >> i wish i could say this was a proud moment, a moment in which we started the year off right, in which the first of january was the first of great many good things. it isn't. we're kicking the can down the road. and worse than that, when faced with a mountain of debt that we were heading for, like an airplane, did we climb over it? no. what we're going to do in the present plan is put nearly another trillion dollars worth of debt on the american people. >> well, joining us now from capitol hill, representative peter welsh, democrat of vermont. we see some democrats moving to the podium. they are also scheduled to speak. congressman welsh, we don't want to interrupt you. so nancy pelosi stepping to the podium. let's take a quick listen. >> well, we just finished a standing room onl
now it is up to the house to stop the fiscal cliff. that's $600 billion of automatic tax hikes and spending cuts. at this hour, though, a vote by the house is not yet scheduled. a multiple representative took to the store today floor today vote would be no. >> i wish i could say this was a proud moment, a moment in which we started the year off right, in which the first of january was the first of great many good things. it isn't. we're kicking the can down the road. and worse than that,...
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to push our economy back into the recession if we go over the fiscal cliff. >> but ali, neither side is budging much. you have been reporting on it for the last couple of hours. friday though, president obama said that he was optimistic that the two sides could reach a deal. this morning, he sounded less positive though. >> if, you know, if people start seeing that on january 1st, this problem still has not been solved, that we haven't seen the kind of deficit reduction that we could have had, had the republicans been willing to take the deal they gave them, and if they say that people's taxes have gone up which means consumer spending will go down. >> and keep in mind that the senate is the first hurdle. any deal has to pass the house. we are not into the senate yet and the republican speaker john boehner plablamed the crisis one president saying he the one who has never found a way to say yes. >> so you are in new york and i'm in atlanta, and we get to washington now, because the senior congressional correspondent dana bash is closely following the negotiations from capitol hill, a
to push our economy back into the recession if we go over the fiscal cliff. >> but ali, neither side is budging much. you have been reporting on it for the last couple of hours. friday though, president obama said that he was optimistic that the two sides could reach a deal. this morning, he sounded less positive though. >> if, you know, if people start seeing that on january 1st, this problem still has not been solved, that we haven't seen the kind of deficit reduction that we...
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. >> americans aren't the only ones watching closely for signs of a fiscal cliff deal today. the world is watching, too. it's because the big tax hikes and spending cuts here could have a chilling effect on the global economy. we want to bring in richard quest from london. richard, we know that folks are watching this. perhaps not the minutia how we're following it in washington and the negotiations process from hour to hour and minute to minute it seems. certainly in the final stages of it this whether or not this is actually going to happen. why does it make such a big difference? >> reporter: it makes a huge difference because the rest of the globe, particularly say for example the european union and the euro zone is barely growing. it's stagnant and was in recession in '12. it could be in recession in '13. if you lop off any growth from the u.s. economy, that will have a ripple affect across the althouthe atlantic. you will feel the ripples go across the pacific to asia and japan and china and to all those countries and across the atlantic to europe. i was talking a few m
. >> americans aren't the only ones watching closely for signs of a fiscal cliff deal today. the world is watching, too. it's because the big tax hikes and spending cuts here could have a chilling effect on the global economy. we want to bring in richard quest from london. richard, we know that folks are watching this. perhaps not the minutia how we're following it in washington and the negotiations process from hour to hour and minute to minute it seems. certainly in the final stages of...